Levloan investors fête Dell, eclipsing high yield market

The leveraged loan market flexed its muscles this week as investors scrambled for US computer maker Dell’s covenant-lite loans. Not only did levloan investors out-compete bond investors, so that a bond tranche was replaced with a loan, but the demand showed just how eager European investors can be for cov-lite paper, although some of the interest will have come from the US.

  • By Jon Hay
  • 25 Sep 2013

The company has raised $7.1bn of transatlantic cov-lite loans to back its buyout by founder and CEO Michael Dell and private equity firm Silver Lake Partners.

The deal includes the largest euro cov-lite tranche this year. This euro tranche, allocated early on Wednesday, was added to the debt ...

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1 BNP Paribas 4,486 16 13.62
2 Citi 4,347 16 13.20
3 Lloyds Bank 3,158 6 9.59
4 Morgan Stanley 3,066 8 9.31
5 Bank of America Merrill Lynch (BAML) 2,771 10 8.42

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4 Bank of America Merrill Lynch 41,657.82 137 7.42%
5 Credit Suisse 38,415.30 121 6.84%